Best Bet On Macau: Las Vegas Sands Or Wynn Resorts? [View article]
If you want maximum leverage to the Macau story and if you feel brave enough for a small cap you cannot miss 296.HK, Emperor. It owns the controlling stake in one small casino who operates through a leased license. And there is no sell side coverage at all. So it does require some guts, but I think it deserves a lot of attention for the following reasons: 1) trades at 4x PE... ridiculous... and div yield in the 10% area 2) has cash on balance for 30% of the market cap... 3) it's exposed only to mass market affluent Chinese and no junket business so even more profitable than the comparables 4)current corporate structure looks not the most stable... developments could be either a takeout or a big investment into another small casino with a leased license to deploy the cash and grow earning big 5)Jackie Chan the actor is the minority holder if the casino
1.5x P/E For A World Leader With Stable Cost+ Biz, High FCF Generation, 24% ROE [View instapost]
the only problem i see is how to access indian listed stock! not an easy one!
Best Bet On Macau: Las Vegas Sands Or Wynn Resorts? [View article]
It owns the controlling stake in one small casino who operates through a leased license. And there is no sell side coverage at all. So it does require some guts, but I think it deserves a lot of attention for the following reasons:
1) trades at 4x PE... ridiculous... and div yield in the 10% area
2) has cash on balance for 30% of the market cap...
3) it's exposed only to mass market affluent Chinese and no junket business so even more profitable than the comparables
4)current corporate structure looks not the most stable... developments could be either a takeout or a big investment into another small casino with a leased license to deploy the cash and grow earning big
5)Jackie Chan the actor is the minority holder if the casino